View Full Version : Minister is bullish about growth potential
Minister is bullish about growth potential but says land and labour costs must stay competitive
Geert De Clercq and Mia Shanley
Reuters
Singapore
4 May 2007
Singapore can exceed its 3 to 5% growth potential over the next five to eight years, but will keep land and labour costs in check to remain competitive, Second Finance Minister Tharman Shanmugaratnam said on Friday.
Shanmugaratnam, who was managing director of Singapore's central bank before entering politics in 2001, told Reuters that the government is not worried about inflation despite a planned two percentage point increase in the goods and services tax, a tight labour market, and a red-hot property market.
He said the Monetary Authority of Singapore has a "good handle" on inflation and that the country had the lowest inflation in Asia outside of Japan. Singapore's consumer prices rose an average one percent in 2006 and the central bank expects average inflation of between 0.5 to 1.5% this year.
"My guess is that it will probably be closer to 1%," Shanmugaratnam, 50, told Reuters in an interview.
He also said that the strength of the Singapore dollar against the US dollar was "not a critical issue" for Singapore's exporters, and added that the strength of Asian currencies was in line with economic fundamentals.
Shanmugaratnam added that Singapore would probably grow at the top end of the government's 4.5 to 6.5% forecast range, provided the tech inventory overhang improves, as expected, in the second half of the year.
The price of oil, he said, was the one wild card that could derail economic growth prospects this year.
He said the city-state could exceed its medium-term growth potential "if we keep on doing the right things, and keep on attracting people and enterprise the way we have been doing".
"We can maintain a higher growth rate than most because we are a city-state that's much more open than most other economies. We can plug ourself into each new wave of opportunity, particularly in Asia," Shanmugaratnam said.
He said that rising property prices and higher salaries were a logical consequence of such policies, but added Singapore would remain competitive with other financial centres.
"We are quite confident that we will remain a lower-cost city among the high-value cities of the world. Amongst the financial centres of the world, we will remain lower cost for quite some time to come," he said, adding that office space costs were still about a third of those in London, 40% of those in Hong Kong and about 60% of those in Tokyo.
He said that the planned new financial centre at the city's waterfront Marina Bay would ease price pressure on office space. He also said that the government would not be shy to intervene in the property market to curb excessive price inflation but said "we are not anywhere near that yet."
"We are quite comfortable with the present stage of the cycle because the mass market is not involved in the frenzy," he said.
Minister is bullish about growth potential but says land and labour costs must stay competitive
Geert De Clercq and Mia Shanley
Reuters
Singapore
4 May 2007
Singapore can exceed its 3 to 5% growth potential .....
....................
..... quite comfortable with the present stage of the cycle because the mass market is not involved in the frenzy," he said.
Minister is bullish about growth potential but says land and labour costs must stay competitive
Geert De Clercq + Mia Shanley
Reuters
Singapore
4 May 2007
Singapore can exceed its 3 to 5% growth potential over the next five to eight years, .................... that the government is not worried about inflation despite a planned two percentage point increase in the goods and services tax, a tight labour market, and a red-hot property market.
He said .................... said that rising property prices and higher salaries were a logical consequence of such policies, but added Singapore would remain competitive with other financial centres.
"We are quite confident that we will remain a lower-cost city among the high-value cities of the world. Amongst the financial centres of the world, we will remain lower cost for quite some time to come," he said, adding that office space costs were still about a third of those in London, 40% of those in Hong Kong and about 60% of those in Tokyo.
He said that the planned new financial centre at the city's waterfront Marina Bay would ease price pressure on office space. He also said that the government would not be shy to intervene in the property market to curb excessive price inflation but said "we are not anywhere near that yet."
"We are quite comfortable with the present stage of the cycle because the mass market is not involved in the frenzy," he said.
1. Red-hot property market? The government is not worried at all!
2. The prices are rising because of the good economy policies.
3. We are still cheap compared to the rest of the global cities: about 1/3 of London, 40% of HongKong and about 60% of Tokyo.
4. Excessive price inflation? Where? We are not even anywhere near!
5. What is the worry about? The mass market is not involved in any frenzy.
6. We need 100 good reasons why the property market should not go up!
Minister is bullish about growth potential but says land and labour costs must stay competitive
Geert De Clercq and Mia Shanley
Reuters
Singapore
4 May 2007
Singapore can exceed its 3 to 5% growth potential over the next five to eight years, but will keep land and labour costs in check to remain competitive, Second Finance Minister Tharman Shanmugaratnam said on .....
..........
..... are quite comfortable with the present stage of the cycle because the mass market is not involved in the frenzy," he said.
MM said, Mah said, ......., now Tharman also said.
MAS said, Reuters said, Citigroup said, ....., UBS also said.
You let me know who else do you want?
Say it. Don't be shy! Just say it!
Who else do you want?
Must I get the President to .....?
We should spend time on enhancing assets rather than giving hints.
Think with your brains
05-05-07, 09:03
QUOTE=Economist]Friends!
1. The government is not worried about the red-hot property market.
2. Rising property prices are a logical consequence of good economy policies.
3. We are still a lower-cost city among the global financial centres. We are about a 1/3 of London, 40% of HongKong and about 60% of Tokyo.
4. We are not anywhere near the point of excessive price inflation in property market.
5. The government is comfortable as the mass market is not involved in the frenzy.
So, what are you waiting for?[/QUOTE]
Because
1. The government is making too much money in this red-hot market. URA selling pockets of land at record smashing prices, GLCs eg:- capitaland, keppel land and ..... cashing in tremendous amounts.
2. Rising property prices in singapore are a logical consequence of Good hype, buzz and marketing(artificially proped up).
3. Our pay is 1/3 london, 2/5 hongkong and 3/5 tokyo. So?
Ministers pay 300% london, 150% hongkong, 200% tokyo.
Country size 1/100 london, 1/2 hongkong, 1/40 tokyo.
4. Yes, we are not. Just that only the rich can get richer.
5. Government is definately comfortable as the 95% of singaporeans have no part of this money making sector, best part is that they still get pay rise.
Because
1. The government is making too much money in this red-hot market. URA selling pockets of land at record smashing prices, GLCs eg:- capitaland, keppel land and ..... cashing in tremendous amounts.
2. Rising property prices in singapore are a logical consequence of Good hype, buzz and marketing(artificially proped up).
3. Our pay is 1/3 london, 2/5 hongkong and 3/5 tokyo. So?
Ministers pay 300% london, 150% hongkong, 200% tokyo.
Country size 1/100 london, 1/2 hongkong, 1/40 tokyo.
4. Yes, we are not. Just that only the rich can get richer.
5. Government is definately comfortable as the 95% of singaporeans have no part of this money making sector, best part is that they still get pay rise.
You are great!
You have provided potential buyers with some very encouraging guidance.
Q1. Will new record high prices be smashed?
Your answer: Yes.
Q2. Is property prices going up?
Your answer: Yes.
Q3. Is there a chance to be richer?
Your answer: Yes.
You are going to prosper. I am going to prosper. Everybody is going to prosper.
What a wonderful world!
You are great!
You have provided potential buyers with some very encouraging guidance.
Q1. Will new record high prices be smashed?
Your answer: Yes.
Q2. Is property prices going up?
Your answer: Yes.
Q3. Is there a chance to be richer?
Your answer: Yes.
You are going to prosper. I am going to prosper. Everybody is going to prosper.
What a wonderful world!
Wah! So many people say it is going up. What are we waiting for?
Unregistered
05-05-07, 10:28
You are great!
You have provided potential buyers with some very encouraging guidance.
Q1. Will new record high prices be smashed?
Your answer: Yes.
Q2. Is property prices going up?
Your answer: Yes.
Q3. Is there a chance to be richer?
Your answer: Yes.
You are going to prosper. I am going to prosper. Everybody is going to prosper.
What a wonderful world!
Yes, keep buying,
I was surprised that one of my properties was sold last week at 25% higher than what I asked for in December. 2006
Without bullish buyers like you, it is simply not possible to make such a great leap in price. I got a three more properties to sell and look forward to unload for higher gains in coming months when developer launching their nearby projects at record prices.
Yes, keep buying,
I was surprised that one of my properties was sold last week at 25% higher than what I asked for in December. 2006
Without bullish buyers like you, it is simply not possible to make such a great leap in price. I got a three more properties to sell and look forward to unload for higher gains in coming months when developer launching their nearby projects at record prices.
See! Told you!
Up up up!
Everybody make money. Everybody happy!
Unregistered
05-05-07, 13:05
See! Told you!
Up up up!
Everybody make money. Everybody happy!
Yeah, sellers are the winners now,
Too bad, if you are in the buying queue
Losers never learn
They got burnt in 94-96, 2000-01 and now 2007-8
Many got into deep trouble during the last buying frenzy (94-96) and spike (2000-01) are still licking the wounds, wondering how far this round the price can gone up since many inclduing HDB dewellers (up to 40% of HDB owners are sitting on negative equity because they bought their flats in mid-90s) can join in the buying frenzy
hayata1972
05-05-07, 14:06
Yeah, sellers are the winners now,
Too bad, if you are in the buying queue
Losers never learn
They got burnt in 94-96, 2000-01 and now 2007-8
Many got into deep trouble during the last buying frenzy (94-96) and spike (2000-01) are still licking the wounds, wondering how far this round the price can gone up since many inclduing HDB dewellers (up to 40% of HDB owners are sitting on negative equity because they bought their flats in mid-90s) can join in the buying frenzy
That is true, but can you just sit and wait when others are cashing in? Rather why not try to do spotting, sniping and hunting for mismatches and good deals? It is extremely hard now to get underpriced yet good potential units, but doesn't this add to the challenge? Research and studies are the key to success in any trade. I wish everyone here good luck and good fortune, we cannot lose to the foreigners. ;)
Unregistered
05-05-07, 15:03
That is true, but can you just sit and wait when others are cashing in? Rather why not try to do spotting, sniping and hunting for mismatches and good deals? It is extremely hard now to get underpriced yet good potential units, but doesn't this add to the challenge? Research and studies are the key to success in any trade. I wish everyone here good luck and good fortune, we cannot lose to the foreigners. ;)
Buy within your means!
so, if you lose it all, your wife and children do not have to suffer
It may be alright if your family ending up going to Malaysia instead of europe for vacation because of losses in the stock and property markets
but, don't buy property or stock with your children education funds or leverge your own house to raise more cash to plough into the markets
Buy within your means!
so, if you lose it all, your wife and children do not have to suffer
It may be alright if your family ending up going to Malaysia instead of europe for vacation because of losses in the stock and property markets
but, don't buy property or stock with your children education funds or leverge your own house to raise more cash to plough into the markets
Agree!
Buy now! Quick!
Going up up up!
Yes!
hayata1972
05-05-07, 21:11
Buy within your means!
so, if you lose it all, your wife and children do not have to suffer
It may be alright if your family ending up going to Malaysia instead of europe for vacation because of losses in the stock and property markets
but, don't buy property or stock with your children education funds or leverge your own house to raise more cash to plough into the markets
Ahhhh.. normally if there are losses it may highly likely be more than just a lost holiday. Please do not underestimate the loss that you can accumulate. Please underestimate your gains, but never underestimate what you can lose. If not you will not play this game seriously and that can be very dangerous.
:tsk-tsk:
Yeah, sellers are the winners now,
Too bad, if you are in the buying queue
Losers never learn
They got burnt in 94-96, 2000-01 and now 2007-8
Many got into deep trouble during the last buying frenzy (94-96) and spike (2000-01) are still licking the wounds, wondering how far this round the price can gone up since many inclduing HDB dewellers (up to 40% of HDB owners are sitting on negative equity because they bought their flats in mid-90s) can join in the buying frenzy
For this year, just buy.
Unregistered
05-05-07, 22:41
For this year, just buy.
Buy what?
You mean regardless what owners or devlopers are asking for?
Buy what?
You mean regardless what owners or devlopers are asking for?
Yes, for the next one year.
Can't see beyond that for now.
Unregistered
06-05-07, 10:00
Yes, for the next one year.
Can't see beyond that for now.
The speculative activity for mass market is start to pick up.
If you need a place to stay, buy within your means.
Be extra careful if you want to jump in now to make quick profit.
The Sunday Times
06-05-07, 10:10
"Some Singaporeans complain a lot about the Government. They have no idea what it's like out there in the real world. Baby bonus, tax rebates, HDB apartments? No way! You are lucky to find homeless shelters to take you in for the night. And you pay US$1,500 a month for a 200 sqft apartment in Manhattan."
- Jason Wong, 33, an American who came here in 2001 and became a Singaporean in May 2005. He is the director of project management for MAC Cosmetics
"Some Singaporeans complain a lot about the Government. They have no idea what it's like out there in the real world. Baby bonus, tax rebates, HDB apartments? No way! You are lucky to find homeless shelters to take you in for the night. And you pay US$1,500 a month for a 200 sqft apartment in Manhattan."
- Jason Wong, 33, an American who came here in 2001 and became a Singaporean in May 2005. He is the director of project management for MAC Cosmetics
What a timely reminder!
Could not agree more!
"Think with your brains" is a typical complain king who never use his/her brain to think/analyse. Just complain, complain and complain. Up also complain. Down also complain.
Because
1. The government is making too much money in this red-hot market. URA selling pockets of land at record smashing prices, GLCs eg:- capitaland, keppel land and ..... cashing in tremendous amounts.
..........
5. Government is definately comfortable as the 95% of singaporeans have no part of this money making sector, best part is that they still get pay rise.
Who does not complain? I have many expate friends that complain not end WTF are you talking about? Cannot complain? No wonder this country is No2 in standing next to North korea for a republic. Republic of north korea No1. Singapore No2. Next thing you know people start crying when they talk about Lee kuan yee our great leader. 2nd opinion does not count in Singapore i realised. This website full of investors, gamblers and property agents that think that people will get brainwashed and start buying anything. So that their commitments at stake will reap in more money for them.
This website has a bunch of Motherfxxkin axxholes with brains filled with shXt from the toilet in istana.
Who does not complain? I have many expate friends that complain not end WTF are you talking about? Cannot complain? No wonder this country is No2 in standing next to North korea for a republic. Republic of north korea No1. Singapore No2. Next thing you know people start crying when they talk about Lee kuan yee our great leader. 2nd opinion does not count in Singapore i realised. This website full of investors, gamblers and property agents that think that people will get brainwashed and start buying anything. So that their commitments at stake will reap in more money for them.
This website has a bunch of Motherfxxkin axxholes with brains filled with shXt from the toilet in istana.
Fool!
If the market go down, it goes down. If it go up, it goes up.
Be it stocks, property, currency, etc..
You think anybody can change it?
So you want us to believe you that the market is going down when it is otherwise? You want us to die but luckily we are not stupid!
So you think all these craps you mentioned above can change the market? In your dream, childless idiot!
Go study your economics or market fundamentals before you make a fool of yourself! Jerk!
Singaporeans are brained wash by the media, this year can go up by 20%, next year by 30%. All these are ambiguous statements thru our Media by our polictitions and institutions that gain from it. They are just interested in making the broad public go into a buying frenzy and pick up all the overpriced launches. Because when the broad market picks up, guess you gain the most? We are just individuals. They are Gov, developers, institutions, banks and property transaction companies.
Gov gains by releasing land at extremly high prices that were either aquired cheap or even free.
Developers gains by selling new launches at ridiculous prices, plus raise the prices of TOPed projects that still have unsold units.
Instituions gains by buying up prime properties here and justify the purchaces by issuing shares(IPO) or diluting the share value by issuing more. Buy up more and more to push prices up as to wait for the right time for release. The best part is the money they use for these purchases are not even their money, haha, it is the public money again. Property Reits involved.
Banks needless to say. Property market boom = Super business for banks.
Raise interest rate, push out more bank loans....
Property companies will get their cut/commision on every sale. The more the transactions, the more the profit.
These are the people that say the market is booming. sounds like they have alot in stake to be un-bias when reporting news don't you think so?
SAD TRUTH
"We may be witnessing the biggest real estate boom in the history of Singapore."
Tuesday, 8 May 2007
Correction
11-05-07, 14:56
Minister is bullshitting about growth potential
Just Curious
11-05-07, 14:58
Minister is bullshitting about growth potential
Either the minister is bullshitting or you are.
He says he is right. You say you are right.
Maybe everybody is bullshitting. Only you are right!
BMW Williams
11-05-07, 18:49
Reuters
Singapore
11 May 2007
Singapore will host a Formula One race in 2008, a government minister said on Friday.
S. Iswaran, Minister of State for Trade and Industry, told a press briefing that a first race could be held in September or October next year and might be a night race.
A Formula One night race would be the first in the world, although several Grand Prix drivers have spoken against it, citing safety concerns.
Singapore wants to host the Formula One race to attract more tourists and raise its profile abroad.
Don't waste time looking at the shit lah.
Time to buy now.
The market is charging to the next level - the FormulaOne level - soon.
Charge!
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